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- EURUSD Price Analysis: Bulls meet a key area of resistance, bears could be about to move in
EURUSD Price Analysis: Bulls meet a key area of resistance, bears could be about to move in
- Bulls look for a break of 1.0350 on a closing basis on the daily chart
- A break below 1.0200 will be needed to bring back sellers.
Further to a prior analysis conducted at the start of the month, EUR/USD Price Analysis: Bull and bears go head to head at critical trendline support, the euro has continued higher as forecasted:
Prior analysis
It was stated that the M-pattern's last leg was relatively short compared to the front side of the formation so it was expected to see the price extend lower to test 0.9700 as strong support prior to the move higher.
EURUSD, update
The price completed the downside and made a reversion through the M-formation and beyond the 1.0200 resistance:
On the weekly chart, the price is meeting a key level as per the prior weekly lows that meet the dynamic resistance of the bearish trend. While on the front side of the trendline resistance, the bias is to the downside still. However, a break of 1.0350 on a closing basis on the daily chart could result in a bullish continuation beyond 1.0600. A break below 1.0200 will be needed to bring back sellers.
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